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In Milan, luxury is standing out

05 February, Milano Finanza

“Four elements are essential for a luxury property in Milan: centrally located, in a historical building, at a high floor, and of big dimensions, even bigger than 200 Sq m”. Emanuele Barbera, president of Sarpi Immobiliare, pictures the perfect property. The real estate agency has been operating for three generations in the central area of Milan, but it’s also present with 95 branches all over Italy. Barbera has a very good knowledge of the Milan luxury market, being used to satisfy any kind of request, even the more unusual. “Who has high standards needs an agent able of promptly satisfying them, granting an excellent service and discreetness. We’ve been doing this since 1956”, continues Barbera. “Who chooses a luxury property doesn’t have any money issue, rather such customers have very precise requirements and want to have them fulfilled”. In the past few years, transactions for luxury properties in Milan have grown, according to Sarpi Immobiliare. The most sought-after areas are Brera, San Babila, Cordusio, Magenta, Piazza Diaz, Castello, Venezia, Corso Monforte. The customer base in 2017 was mainly composed for 20% of Italian professionals coming back to Italy from abroad, especially from London and New York. The customers are for 45% aged in their forties, while 10% of them come from wealthy families. “The Italian clients come from the finance, fashion, and show business worlds”, says Barbera. “Even more than the walls, they want a home that expresses their personality. It’s not unusual that they buy a wonderful house, but they want to have it remodelled according to their taste. If they’re from Milan, they’re usually very attached to their neighbourhood, they identify themselves with it, and they rarely look elsewhere”.

Sales for shops in the most exclusive high streets of Milan are also rising. Generally, these are investment purchases, with average returns of 5-6%. The same is valid for offices. “We mostly place on the market entire historical buildings”, explains Barbera, “they become the headquarters of important companies that want to stand out for the all the others”.

Source: Milano Finanza

Translator: Cristina Ambrosi